> **来源：[研报客](https://pc.yanbaoke.cn)** # CMBI Credit Commentary Summary ## Core Content This document provides a comprehensive overview of the fixed income market activities and credit commentary for the week of 2M26, focusing on key issues, market movements, and macroeconomic updates. ## Main Market Updates - **New Issues and Price Movements**: - NIPLIF 31-33 tightened by 1-2bps. - ZHOSHK 28 recovered 0.5pt. - HSBC 6.75 Perp and HSBC 7 Perp edged 0.1-0.3pt higher. - Better buying was observed on 2yr-to-call perps and AT1s from AMs. - Fosun launched a tender offer for FOSUNI 5 05/18/26 at par. - FOSUNI 28-29 were 0.2-0.4pt higher. - EHICAR 27 was 0.2pt higher this morning. - EHICAR's exchange offer deadline was extended to 9 Apr'26 from 30 Mar'26. - The tendered amount for EHICAR 7 09/21/26 was USD166.6mn, which is below the minimum acceptance level of 85% (USD226.1mn). - The tendered amount surpassed the 50% threshold for exit consent solicitation. - The new 3.5yr bond will have a customary high yield covenant package. - Fosun's credit profile is improving due to continued asset disposals and active liability management. - Fosun's next major maturity is FOSUNI 3.95 10/02/26 of EUR236.1mn. - Fosun's revenue fell 9.7% yoy to RMB173.4bn in FY25, with a widened loss to RMB22.7bn. - Fosun holds RMB60.5bn in cash and cash equivalents compared to RMB104.2bn in short-term debt. - **Chinese Properties**: - Contracted sales for Chinese developers dropped 29.0% yoy in 2M26 to RMB155.0bn. - In Feb'26, contracted sales fell 38.0% yoy to RMB66.4bn, with only 2 out of 30 developers reporting yoy growth. - CHJMAO was the sole outperformer, with contracted sales growth of 16% yoy to RMB12.9bn. - REDSUN/HONGSL, YLLGSP, and GEMDAL saw significant declines in contracted sales, down 79%, 75%, and 63% yoy, respectively. - Chinese authorities emphasized city-specific measures for real estate stabilization, not a nationwide bailout. - First-time homebuyers in eligible cities can now use housing provident fund balances for home purchases. - New home prices fell 0.3% mom in Feb'26, reversing the 0.2% mom increase in Jan'26. - CMBI expects a 10bps cut in LPR by the end of 2Q26 to support the housing market. - Geopolitical tensions in the Middle East may delay LPR cuts by increasing inflationary pressures. ## Key Market Movements | Top Performers | Price | Change | |------------------------|-------|--------| | ACPM 4.85 PERP | 80.9 | +1.5 | | HCELEC 4.65 12/29/26 | 64.5 | +1.3 | | BEIENT 6 3/8 05/12/41 | 109.1 | +1.0 | | MUFG 4.7 03/10/44 | 90.3 | +0.9 | | RILIN 6 1/4 10/19/40 | 108.3 | +0.9 | | Top Underperformers | Price | Change | |------------------------|-------|--------| | FAEACO 12.814 PERP | 81.8 | -1.2 | | DBMMN 8 1/2 07/03/28 | 100.5 | -1.0 | | NUFAU 5 01/27/30 | 89.6 | -0.9 | | VNKRLE 27' | -0.4 | -0.7 | | GRNCH 28 | -0.1 | -0.3 | ## Key News and Market Color - **Macro News**: - S&P, Dow, and Nasdaq were mixed on Monday. - U.S. Treasury yields were lower, with 2/5/10/30 year yields at 3.82%, 3.97%, 4.35%, and 4.91%, respectively. - **Other News**: - Lai Sun Development plans to repay 20% of LASUDE 26 upfront and extend the maturity of the remaining 80%. - Lai Sun is yet to close the sale of its 50% stake in CCB Tower to JD.com. - Vedanta Limited approached India's Supreme Court against Adani Group's resolution plan for Jaiprakash Associates. - Woodside Energy Group's LNG production in Western Australia was disrupted by tropical cyclone Narelle. - S&P affirmed West China Cement's B+ rating with a stable outlook. ## Analyst Comments - **EHICAR**: - The exchange offer for EHICAR 7 09/21/26 has a minimum acceptance threshold of 85%. - The tendered amount was 62.62% of the outstanding principal as of 30 Mar'26, which is below the minimum threshold. - The company may consider interim measures if the tendered amount falls short. - The new 3.5yr bond will have a coupon of 10% and an amortization schedule. - **FOSUNI**: - Fosun launched a tender offer for FOSUNI 5 05/18/26 at par. - Fosun has a successful refinancing history, including repurchases of other FOSUNI issues. - The next major maturity is FOSUNI 3.95 10/02/26 of EUR236.1mn. - The assistant maintains a buy recommendation on FOSUNI 8.5 05/19/28 due to its better risk-adjusted return profile. ## Important Disclosures - The report is prepared for informational purposes only and does not constitute investment advice. - CMBIGM is not liable for any losses or damages resulting from reliance on the report. - The information is based on publicly available data and may not be accurate or complete. - The report is for the use of intended recipients only and may not be reproduced or distributed without prior written consent. - The report is subject to change and may have different conclusions from other publications.